Access Bank Plc and Diamond Bank Plc yesterday ended months of speculations over their future when they finally agreed to merge, signing a Memorandum of Agreement, which if approved by the Central Bank of Nigeria (CBN) and the Nigerian Stock Exchange (NSE), would move Access Bank, the principal partner, from number four to number two or number one in the nation’s banking hierarchy, if the current growth trajectory of Access Bank is maintained.
THISDAY confirmed last night that the boards of the two banks met at about 7PM, yesterday and passed the resolutions agreeing to merge subject to regulatory and shareholder approvals.
A reliable source close to the merger talks told THISDAY emphatically, “The deal is done, what is left is for the Central Bank of Nigeria to stamp its seal of approval.”
THISDAY had reported exclusively last October,about moves by Diamond Bank to seek fresh funds to help it shore up its capital base and shepherd it out of the headwinds it was experiencing.
The newspaper reported the decision of some of its directors, including the chairman, Mr. Seyi Bickersteth, to stand down, paving the way for new investors.
THISDAY obtained copies of letters of resignation of the directors, in which Bickersteth said, “It has been an honour to serve on the board of the bank as chairman, and I will continue to support the bank in every way possible.”
Other directors who resigned were, Ms. Aisha Oyebode, Mr. Rotimi Oyekanmi and Ms. Juliet Anammah.
Meanwhile, see what Nigerians are saying about this acquisition online below…
https://twitter.com/AdForumCo/status/1074433210728230913?s=19
https://twitter.com/iSlimfit/status/1074412493819310081?s=19
https://twitter.com/Latchenko/status/1074427407837396992?s=19
https://twitter.com/DeeJayHazan/status/1074579985564909569?s=19
https://twitter.com/kingkoreds/status/1074549476730261504?s=19
hahahahahhahhahahaaaaa . 😀….people have no chill….
What’s your stake on this?